As business owners, we believe that an investment in our employees is one of the best investments we can make in our businesses. That’s one reason why we support gradually raising the minimum wage in Massachusetts to $15 an hour. It’s good for our businesses, our employees, our customers and our economy.
Raising wages is a smart business move. Lower pay typically leads to higher turnover -- very costly for small businesses. Employee retention helps small businesses decrease hiring and training costs, and supports a more experienced and productive staff leading to improved product quality and customer satisfaction.
Full-time work should provide genuine economic opportunity. Working full-time ought to provide the opportunity to live decently, support a family, save for the future, and fully contribute to the economic health of the community, without relying on public assistance. Every job should be an economy-boosting job.
Consumer demand drives the Main Street economy. Money in the pockets of low-wage earners moves quickly into the tills of Main Street businesses. With more customers, businesses create more jobs, which in turn generates more customers. In this virtuous cycle, increasing economic security for all in Massachusetts provides a boost to the bottom line of local small businesses. A $15 minimum wage supports thriving small businesses and strong local economies. Small businesses tangibly realize the benefits of increased consumer demand.
Gradual, predictable minimum wage increases allow for small businesses to plan ahead. As small business owners, stability and long term planning are key to our growth and success. An annual structured minimum wage increase means Main Street businesses can plan for the future while benefiting from the positive impacts of a more vibrant local economy.
Since 1968, the minimum wage has lost its purchasing power and fell far below contributing to the cost of living. To restore the economic power of the working class, we support gradually increasing the Massachusetts minimum wage by $1 a year, starting in 2018, until it reaches $15 an hour by 2022, and then adjusting it annually to keep up with the cost of living.